10th Mar 2014 12:13
LONDON (Alliance News) - Clarkson PLC said Monday it had increased its full-year dividend by 10% as revenue rose a similar amount, after a strong year amid turbulent market conditions.
The shipping service firm said group revenue rose 12% for the full-year to GBP198.0 million from GBP176.2 million as it increased its dividend payment for the eleventh consecutive year. Clarkson boosted its dividend to 56 pence from last years' 51 pence per share.
Pretax profit for the year to December 31, 2013, declined slightly, however, coming in at GBP22.0 million from GBP22.9 million last year.
Andi Case, Chief Executive, said, "Despite a turbulent market backdrop, Clarksons has been consistently profitable and cash generative. This has enabled us to continue to invest in the business during these challenging times, thus ensuring that we are positioned for growth as activity in our markets resumes. Our strong balance sheet has enabled us to continue to make selective acquisitions where appropriate to further strengthen our product breadth and we will continue to look to invest organically and acquisitively where appropriate."
During the year, the company's Clarkson Port Services acquired the Aberdeen-based specialist tool supplier Gibb Tools Limited, in line with its focus to further strengthen and improve its unique product breadth. Clarkson said the acquisition was an an important step change in CPS's client offer, complementing its existing port and agency and supply services with Gibb Tools' tool supply offer.
Looking ahead, Clarkson remains positive; Chairman Bob Benton said, "An increased forward order book within broking, momentum in revenue growth from both the financial and research divisions, and an enlarged support team incorporating Gibb Tools, means that we begin 2014 with a degree of optimism. The shipping markets have begun to show signs of improvement and, with that, increased interest in shipping within the capital markets. We are confident that our strategy to provide the best service to our clients should in turn provide enhanced shareholder return in the future."
Shares in Clarkson were trading 8.65% higher Monday at 2,225.20 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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